Up and Down Wall Street

Was Continuation of Bond Buying the Yellen Fed's First Decision?

Unexpected Federal Open Market Committee action boosts stocks.

It is a wise man who can learn from the errors of others. And nobody ever said Ben Bernanke isn't wise.

Perhaps taking notice of how President Obama had painted himself into a corner a few weeks ago on Syria, the Federal Reserve chairman and his fellow Federal Open Market Committee members decided not to taper their $85 billion-a-month bond-purchase program. That was even though the unemployment rate was approaching the 7% "red...